Economics Unit 1 Review

On a circular flow model, what do households trade their labor for?

Due to ________, people's unlimited wants are unable to be met due to limited resources.

Which of the following nations is considered to be closer to the communist side of the economic spectrum?

Who wrote the "Communist Manifesto" and "Das Kapital"?

Which of the following protects intellectual property?

Land, Labor, Capital, and Entrepreneurship are the...

What is a reward or thing that motivates someone to do something?

The father of capitalism, author of Wealth of Nations...

A human made resource that is used to create a good or service is...

The power of consumers to determine what gets produced?

Economic system where government provides free health care, education while also allowing some economic freedom.

Which of the following is an example of thinking at the margin?

If a nation produces inside the Production Possibilities Curve, economists call this?

A nation with elements of free market, command, and traditional economies is known as a?

The struggle between producers for the dollars of customers?

Ernie decided to stay in bed and not go to school today. Going to school would be his?